Europe's largest economy is now "in shock," according to the Munich-based Ifo Institute for Economic Research. Business morale in Germany has reached its lowest point in 11 years — and logged its steepest drop since the country's reunification in 1990. The report followed recent news that business activity in the eurozone has collapsed, hitting a record low.
What will Europe do? Much like in the U.S., analysts say the continent's leaders face a vexing dilemma over just how much to close off the EU's deeply interconnected economies.